The purpose of this document is to show how the correctly dispose of an asset in COINS, whether its scrapped, sold, or reported lost/stolen.
During this process, the disposal of the asset and necessary GL transactions will occur, along with an automatic Accounts Receivable invoice that will post in the background.
To dispose of multiple assets at the same time, skip to Dispose Multiple Assets.
Go to Fixed Assets > Input > Enter Asset Sale.
Figure 1: Enter Asset Sale
Select the asset that is going to be disposed and then Click NEXT.
Under the Main tab, fill in the appropriate fields:
Customer- the company that the asset is going to
Reason- the reason the asset is being disposed
Status- the status of the asset being disposed
Disposal Date- the date the asset is being disposed
Proceeds- the amount received for the disposal of the asset
Sales/Use Tax- the tax that must be paid on the disposal of the asset
Figure 2: Disposal Main Tab
Verify the GL accounts are correct.
Under the Payment Details tab, fill in the appropriate fields:
Figure 3: Payment Details
Check- if the asset was paid for by check, enter the check number
Bank Code- make sure the appropriate bank is selected
Then click NEXT.
A report (or reports) will generate. Note the Batch Number for the next step.
Figure 4: Asset Sale Report-1
Figure 5: Asset Sale Report-2
Go to Fixed Assets > Input > Posting > Post Disposal Batch.
Figure 6: Post Disposal Batch
The batch is now posted – and the asset is disposed.
Dispose Multiple Assets
Multiple Assets can be disposed at once as well. Go to Fixed Assets> Administration> Dispose Multiple Assets. Select the assets that are to be disposed of, then click on the action bar.
Figure 7: Dispose Multiple Assets
Note: if you receive an error stating that the asset is on “rent on dispatch to a job” (see Figure 8 below), this is because you have to return the Asset first, before COINS allows you to dispose of it. If applicable, go to Equipment Manager > Fast Return, or alternately Equipment Manager > Rental Desk > Existing Rentals tab, select Asset, “Off Rent,” Apply Action.
Figure 8: Error is Asset is Still on Rent to a Job
Fill in the appropriate information.
Figure 9: Disposal Information
Sold To: The company that received the asset.
Reference: A reference number to keep track of the transaction.
Disp Date: The date the asset was disposed.
Proceeds: The amount received for disposing the assets.
Reason: The reason for disposing the assets.
Status: The current status of the asset.
Then click Next.
The disposal details can now be seen from the Dispose Multiple Assets table.
Figure 10: Disposal Details
